The global biomarkers market size is expected to reach over USD 129.4 billion by 2027. It is anticipated to exhibiting a CAGR of 13.7%, during the forecast period. Factors, such as increasing collaborations and funds for R&D activities, rising consumer awareness, a widening patient base, and technological advancements collectively augmenting market growth.
The drug discovery segment contributed the highest revenue in 2019. Pharmaceutical companies focus on extensive R&D initiatives for the development of targeted therapeutics. Coordinated strategic efforts on biomarker development remain a searing trend among drug manufacturers, academic research institutions, commercial R&D organizations, non-profitable health foundations, and federal government biomedical regulatory and research agencies.
North America continued to lead the biomarkers market in 2019, driven by an amplifying demand for personalized medicines, high disease prevalence, and proactive government initiatives. It is expected to maintain its lead over the forecast period. Asia Pacific is positioned to witness the fastest CAGR, over the forecast period, spearheaded by India.
Some key market players include Abbott, Roche, Qiagen, Siemens Healthcare, Thermo Fisher Scientific, Bio-Rad Laboratories, Johnson & Johnson Services, Agilent Technologies, and Epigenomics. The players are developing novel kits and therapies and drugs to target population in the areas with high unmet clinical needs.-Globe Newswire